Market extended the consolidation phase for the second straight day yesterday as indices oscillated in a narrow range before ending with modest losses. A sharp decline in India VIX below 14.5 indicates market could be poised for a major upswing towards 23,500 in the coming days.
In other news, Indian government bonds will be included in Bloomberg EM Local Currency Government Index and related indices with a 10% weight. Inclusion will be phased over a 10-month period starting from 31st Jan 2025. This inclusion is expected to generate inflows of $3-5 bn, as per media reports.
Nifty Futures Chart
Stocks To Watch
Positive Read through
- Coal India – Gevra mine gets environ clearance to expand production capacity to 70 MT/Year.
- NHPC – Starts work on 1,200 MW Jalaun Ultra re power park in Uttar Pradesh.
- Samil – Promoter Sumitomo wiring to sell 4.4 pct stake via block.
- Torrent Pharma – US FDA issues EIR for Gujarat’s oral-oncology manufacturing facility.
- MGL – Cuts CNG price by Rs. 2.50 to 73.50/kg with effective from March 6, 2024.
- Zomato – Antfin Singapore Holdings likely to sell 2 pct stake via block, according to report.
- JSW Energy – Signs five battery energy storage purchase agreement with Solar Energy Corp.
- AB Fashion – GIC (Caladium Invst) exercises its right to convert warrants into equity shares.
- Havells – To expand product portfolio with introduction of kitchen appliances.
- REC – Board to consider 3rd interim dividend of FY24 on March 16, 2024.
- Wipro – Company acquires 27 pct stake in SD Verse LLC for USD 5.85 m.
- JKumar Infra – JV gets order from BMC for construction project worth Rs 13.30 bn.
- Allied Digital – Bags order worth Rs. 1.90 bn for MIDC Taloja Smart Industrial City Project.
- Coal India – Company’s unit South Eastern Coalfield’s Gevra Mine set to become largest coal mine in Asia.
- Sonata Soft – To open delivery center in Poland to address growing demands from global clients.
- IRCTC – Signs MoU with Swiggy to provide pre-ordered meals.
Negative Read through
- Suven Pharma – Some investors voices unhappiness over dividend policy payout.
- GR Infra – Promoter group to pare up to 5 pct stake in company to comply with MPS norms.
- JM Fin – RBI bars JM Fin Pdts from doing any form of financing against shares & debentures.
- Indiabulls Real – MIDC asks company to vacate 512 hectares of plot in Nashik in a month.
- CG Power: Company gets Rs. 1.90 bn income tax demand notice for FY22.
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